Dept/ Agency: Economic & Housing Development Action: ( ) Ratifying (X) Authorizing ( ) Amending Type of Service: Application for Long-Term Tax Abatement Purpose: To grant a long term tax abatement to RIVERSIDE ARMS URBAN RENEWAL, LLP under the HMFA law to construct nine (9) three story multifamily apartment buildings totaling 128 units (10 one bedroom units, 71 two bedroom units, and 47 three bedroom units Entity Name: RIVERSIDE ARMS URBAN RENEWAL, LLP Entity Address: 71 Lake Street, Colonia, NJ 07067 Abatement Period: Thirty (30) years Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS ( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ ( ) Private Sale ( ) Grant ( ) Sub-recipient ( X ) n/a List of Property: (Address/Block/Lot/Ward) 14-16 Chester Avenue/Block 617/Lot 1.01/North Ward 1-14 Jules Place/Block 617/1.02-1.15/North Ward 63-95 Herbert Place/Block 617/Lots 1.16-1.25/North Ward Additional Information: The requested PILOT formula is based on 6.28% of gross revenues.